Thirdly, such a "debt" should fall strictly within the scope of
an "Operational Debt" as defined under Section ... Thirdly, such a "debt" should fall strictly within the
scope of an "Operational Debt" as defined under
Section
follows:
a) Whether 'debt' as alleged by the Appellant/Applicant is a financial
debt as defined under Clause (8)(f) of Section ... person to whom a financial debt
is owed and a financial debt is defined in Section 5(8) to mean a
debt which is disbursed
includes inter alia any financial asset. Section
2(1)(ha) defines 'debt' to mean the same as defined in clause (g) of
Section ... required,
they defined such terms. Some of the subjects enumerated in Lists of
the Seventh Schedule are defined in Article 366 of the Constitution
prescribed
therein commences from the date of default; and that acknowledgment of
debt in the balance sheet or annual report does not give any fresh ... expressions generally used in the Insolvency and Bankruptcy
Code, 2016 are defined in Section 3 thereof. The relevant definitions
occurring in Section
form, to the Demat account of each Debenture
Holder.
(vii) ―Identified Debt‖ was defined, in Clause ... Debenture Trust Deed, as meaning, collectively, Debt 1, Debt 2
and Debt 3 which, in turn, were defined in Clauses
Code (to
mean non-payment of debt). The debt is defined under Section 3(11) of the
Code, means a liability or obligation in respect ... only upon the occurrence of a ‗default'. The word
‗debt' as defined under the Code, means a liability or obligation in respect
person to whom a financial debt is
owed and a financial debt is defined in Section 5(8) to mean
a debt which is disbursed ... becomes due and payable, the resolution
process begins. Section 3(11) defines ‘debt’ as a liability or
obligation in respect of a claim
Thirdly, such a "debt" should fall strictly within the scope of an
"Operational Debt" as defined under Section ... benefit,
that any debt owed should be construed as an 'operational debt' other than
those classified as 'financial debt'.
13
Thus
contemplated under the
SARFAESI Act .
Meaning of the word, "Debt" defined in Section 2(ha) of the SARFESI
Act vis-a-vis RDDB ... SARFAESI Act read with the definition
under the word "debt" as defined in section 2(g) of
the RDDB Act, it is clear
person to whom a financial debt
is owed and a financial debt is defined in Section 5(8) to mean a
debt which is disbursed ... differentiate between
"claim", "debt" and "default". Each of these terms is separately
defined as follows:
"3. Definitions
